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Broker Reference Guide - the ING DIRECT Broker Team Website by linxiaoqin


									    Broker Reference Guide

   Overview                                   2
   Lending Guidelines                         3
   5-Year Variable Rate unmortgage            4
   Home Equity Line of Credit                 4
   Options for the Self-Employed              5
   DND/RCMP                                   6
   unmortgage Refiance Program                 6
   Conventional Rental Properties             7
   Insured Rental Properties                  8
   Second Homes and Recreational Properties   8
   Condominiums                               8
   The Switch                                 9
   Bridge Financing                           9
   New to Canada                              10

Last updated on December 14, 2012
  Overview                                                                                                                                         2

Transaction Types                                                        Skip-a-Payment Option
• Purchase, Refinance, Switch, Equity Take Out,                           • Only available on conventional mortgages.
  HELOC (Home Equity Line of Credit).                                    • If a mortgage is in good standing and no payments have been
• Mortgages in First place only.                                           missed and the mortgage is not in default, the borrower has the
• HELOC available in Second behind ING DIRECT First Mortgage only.         ability to skip one regular payment annually.
                                                                         • Interest of the missed payment will be added to the mortgage
Terms                                                                      principal and interest will accrue.
• Closed, Fixed Rate: 1-5, 7, 10 years.
• Convertible, Variable Rate: 5 years.                                   Portable
                                                                         • All ING DIRECT unmortgages are portable.
Rates                                                                    • Borrower and new property must be re-qualified and approved.
• Highly competitive.                                                      There should not be more than 120 days from the sale of the
• Clients will receive ING DIRECT’s already low rate for the term          existing home to the closing of the new home.
• Current rates are available on our website,                            Blend and increase              • At any time within their term your clients have the option of blending
                                                                           the rate of the existing mortgage balance with the rate of the
Rate Guarantee                                                             remaining or new term and mortgage and increasing the amount.
• Rates are guaranteed from the date of submission of the original       • Usual credit criteria must be met.
  application up to the closing date, to a maximum of 120 days. The      • Offered on all fixed and variable rate mortgages.
  lowest ING DIRECT rate within that period will automatically apply.
Online Rate Holds                                                        • To be submitted via MorWeb or Expert.
• Available at
• Must be an ING DIRECT Authorized Mortgage Broker                       Current Finder's Fees*:
• Applies only to new business only
                                                                           TERM                                FINDER'S FEE
Amortization                                                               1 to 3 Years                        50 bps
• Maximum 25 years - Insured
• Maximum 30 years - Conventional (owner-occupied properties only)         4-Year                              60 bps
  (clients must qualify based on 25 years amortization)
                                                                           5-Year (incl. VRM)                  80 bps

Payment Frequencies                                                        7-Year                              105 bps
• Monthly, Semi-Monthly, Weekly, Bi-weekly.                                10-Year                             120 bps
• Accelerated Weekly, Accelerated Bi-weekly.
                                                                           HELOC only                          50 bps on limit
Pre-Authorized Payments:
                                                                           ING DIRECT Mortgage                 Regular Finders Fees on Mortgage,
• Must be setup from a personal account, not from business accounts
                                                                           combined with HELOC                 $300 Flat Fee on HELOC

Prepayment Options
• 25/25 prepayment privileges:                                             Adding HELOC to Existing
                                                                                                               $300 Flat fee
                                                                           ING DIRECT Mortgage
1. Lump sum payments of up to 25% of the original principal amount
   may be made in each year of the term. The minimum acceptable
                                                                         * Rates and Finder's Fees are subject to change without notice.
   lump sum payment is $100. (If such repayment privilege is not used
   in any 12-month period, it cannot be carried forward to the next or
   any future 12-month period.)                                          Flat Fee Refinance Program:
                                                                         ING DIRECT is partnering with FCT (First Canadian Title) to offer a Flat
2. Regular payment amount may also be increased annually,
                                                                         Fee Refinance Program that gives your Clients options for closing
   providing the maximum amount of the increase is no more than
                                                                         their refinance transactions:
   25% of the original regular principal and interest payment.
                                                                         • Simplified process, fixed pricing, prompt funding
                                                                         • Convenient in-home signing appointments (n/a in BC or QC)
                                                                         • Single point of contact at FCT
                                                                           This Program is not available in Northwest Territories, Yukon and
  Overview of Lending Guidelines                                                                                                            3

Borrower Qualifications                                                   GDS & TDS Ratios
• Gainfully employed (Past Probation).                                   • Preapprovals are 32% / 44%.
• Minimum Beacon score of 620.                                           • Conventional mortgages are 35% / 44%.
• Qualified down payment.                                                 • High ratio mortgages with a credit score of less than 680 are
                                                                           35% / 42%.
Down Payment                                                             • High ratio mortgages with a credit score of at least 680 and fully
• Down payment must be from borrower's own funds.                          qualified credit history are 39% / 44%.
• A three-month history of the funds must be provided via bank           • For HELOC products - 32% / 42% GDSR and TDSR limits
  statements.                                                            • Condominiums (townhouses or high-rise) – 50% of the
• Any portion of the down payment that is a gift must be confirmed by       maintenance fees to be included in GDSR servicing calculations
  way of gift letter.
• Gift must be from an immediate family member only.                     Qualifying Rate
• Gift must show in the bank account prior to funding.                   • Conventional and Insured mortgages with a fixed rate term of less
                                                                           than 5 years and for all variable rate mortgages, the qualifying
Bankruptcies                                                               interest rate is either the greater of the Bank of Canada 5-year
• Reviewed on an exception basis only.                                     benchmark rate or the contract interest rate applicable to the term
• Discharged with a minimum Beacon score of 620 and satisfactory           chosen by the client.
  payment history on re-established credit for minimum 2 years.          • Mortgages with a fixed rate term of 5 years or more, the qualifying
                                                                           interest rate is the contract interest rate applicable to the term
Lending Area                                                               chosen by the client.
• All provinces and territories in Canada.                               • For HELOC – the payment qualifications are based on the greater of
• Quebec deals must be submitted by an Accredited Quebec Broker            Bank of Canada 5-year benchmark rate or HELOC rate based on
                                                                           25 year Amortization
Property Types
• Single family dwellings, up to and including fourplexes.               Salaried Borrowers
• Owner-occupied or rental properties.                                   • A pay stub (less than 30 days old) plus a letter of employment will
• Rentals to a max. of 80% LTV.                                            be verified by ING DIRECT.
  (condominium Rental to a max of 75% LTV)                               • Salaried employees must be employed for a minimum of one year
                                                                           and must not be on probation.
• Drive-by appraisal required for conventional mortgages under           Self-Employed, Commissioned or Seasonal
  $250,000 with an LTV ratio equal and less than 65%.                    Borrowers
• Full appraisal required for conventional mortgages over $250,000       • The previous two years’ CRA Notices of Assessment, using the
  and/or with an LTV ratio greater than 65%.                               Total Income figure on line 150.
• A full appraisal is required regardless of loan-to-value or mortgage
  amount for all Rural, Rental, Construction properties, Edmonton        Property Taxes
  properties.                                                            • For calculation purposes, 1.25% of the property value for clients
• The appraisal is based on the property and up to a maximum of            who pay their taxes directly to the municipality. GTA properties are
  5 acres.                                                                 calculated at 1.00% and BC properties at 0.75%.
• Appraisals must be sent directly to ING DIRECT from Centract           • If using less than 1.25% this must confirmed by way of tax bill or, NAS or                   listing
                                                                         Heating Costs
Loan Amounts Mortgages                                                   • The following heating costs will be used when calculating debt
• Minimum: $50,000 Maximum: $3,000,000.                                    serving ratios:
  (for properties over $1 million in purchase price, a minimum 20%
  down-payment is required).                                               Property Value                 Condominiums          Houses
                                                                           $50,000 - $1,000,000            $100.00              $150.00
Loan Amounts HELOC
                                                                           $1,000,000.00 +                 $125.00              $200.00
• Maximum $1,500,000.00 to a maximum LTV of 65% of property
  value (NO Sliding Scale)                                               Remember all documents must be submitted in good order
                                                                         10 days prior to closing date. We cannot guarantee funding
Loan-to-Value                                                            date for deals with documents received less than 10 days prior
                                                                         to closing. Deals with outstanding documents at 5 days may be
• Up to 80% of property value for conventional (up to 75% for
                                                                         cancelled or postponed.
  Windsor-area, and Condominium apartment Properties).
• Up to 95% of property value for high-ratio purchases.
• Up to 80% of property value for re-finances.
  5-Year Variable Rate unmortgage                                                                                                              4

There are no gimmicks or teasers, just one great rate. Plus, this          Prepayment Features
mortgage is one of the most flexible terms offered with built-in features   • Convertible at no cost to a fixed term equal to or greater than three
that can help your clients not only save their money, but adjust to          years (regardless of the remaining term on the original mortgage), at
fluctuating rates.                                                            our already low rates.
                                                                           • Open for repayment subject to a 3-month interest penalty.
                                                                           Payment Frequency
Rate                                                                       • Monthly, Semi-Monthly, Weekly, Bi-weekly.
• Highly Competitive Rate – Current rates posted on                        • Accelerated Weekly, Accelerated Bi-weekly.                                              • Ability to skip a payment annually for conventional mortgages only,
• Our low rate applies to all products, including Business-for-Self,         (mortgage must be in good standing – meaning no payments have
  Rentals and Second Homes                                                   been missed and mortgage is not in default).
• Interest rate and payments are set every 3 months from IAD.
• Must qualify using BOC benchmark rate for conventional and high          Available Financing
  ratio mortgages.                                                         • Financing available up to 95% of the value (conventional/insured)
                                                                             and up to 80% on Refinances.
• 5-year term.                                                             Finder’s Fee
                                                                           • 5-year fixed commission payable.
Details                                                                      The above terms, rate and conditions are subject to change without
• Compounded Semi-Annually, not monthly                                      notice. All features of residential mortgages apply
• No ‘due on sale’ clause restrictions
• Portable
• Blend & Extend options

  Home Equity Line of Credit – HELOC
A Conventional financing option for clients that Handle revolving credit    Features
well & are working at enhancing their “Financial Wellness”                 • HELOC only.
Standard income confirmation with minimum 1 year permanent                  • HELOC with an ING DIRECT mortgage.
full-time employment and/ or completion of the probationary period.
For Commissioned or Self Employed                                          • Owner occupied properties only.
• The previous two years’ CRA Notices of Assessment, using the Total       • Minimum Beacon Score of 620 with established credit history.
  Income figure on line 150. (No Stated Income available on HELOC           • Available on Refinances/ETOs, Purchases, and Ports.
  products)                                                                • Maximum LTV 65%
                                                                           • Maximum credit limit is $1.5M
                                                                           • Minimum credit limit on a stand-alone HELOC is $50K
                                                                           • Minimum credit limit of HELOC as an addition to the mortgage
                                                                             is $15K
                                                                           • Ability to decrease limit as the client pays off their debt
                                                                           • Interest only payments due on or before the 21st of each month.
                                                                           • Flexible repayment plans to get out of debt faster!
                                                                           • Electronic statements
                                                                           • Instant access is available by transferring funds to a THRiVE®
                                                                           • Funds can be electronically transferred (EFT) to the clients external
                                                                             chequing account
                                                                           • Accessible online, mobile app, or over the phone.
  unmortgage Options for the Self-Employed (Stated Income)                                                                                 5

ING DIRECT has enhanced its mortgage options for those Business          Requirements
for Self applicants who have difficulty meeting traditional income        • Recent Notice of Assessment to confirm no income tax arrears
guidelines. Now your clients who have a good credit history and are      • Self-employed for 2 years or more confirmed by any 1 of the
self-employed can access up to 90% LTV on purchases & Ports, and           following documents:
up to 80% for refinances with minimal income verification.                 • Business Licence
                                                                         • GST/HST Return Summary
HIGH-RATIO UNMORTGAGE OPTIONS                                            • T1 Generals with statement of business activities for 2 years (must
                                                                           be prepared by an arm's length third-party
Available for                                                            • Financial Statement for the last 2 years, must be prepared and
• Purchase                                                                 signed by a Certified Accountant.
• Owner-occupied, maximum 2 units                                        • CIDREQ (Québec only)
• Ports                                                                  • Personal Credit Report*
                                                                         • Articles of incorporation*
Maximum mortgage amount                                                  * Documents accepted for applicants who are incorporated.
• Metro Toronto, Metro Calgary and Metro Vancouver: $750,000
• Rest of Canada: $600,000                                               In the application notes section please include the following:
                                                                         • The latest NOA figure on line 150
Terms                                                                    • If there are any taxes owing as stated on the NOA
• Available on all fixed and variable rate terms                          • Specific details of the business:
                                                                         • Business Name
Restrictions                                                             • Business address and website address if applicable
• Non-occupant, co-borrowers or guarantors not permitted                 • Details on nature of business
• Borrowed down payments are not permitted                               • Confirm if the business is licensed
• Minimum 5% down payment from the borrowers own savings. The            • Number of employees (if any)
  remainder may be gifted from an immediate family member.               • What methods are used to advertise (if any)
• Rental properties                                                      • If your client is using rental income, please provide the monthly
                                                                           rental income for each property in your notes
Additional requirements for borrower qualification
• The income reported by the borrower must be reasonable based on        Premiums
  the industry, length of operation and type of business.
• Strong credit and credit score with minimum 2 trades with at least                          Bureau
  two years history.                                                       LTV Ratio          Scores      Purchase      Refinance        Up
• No mortgage, installment or revolving credit delinquencies appearing
                                                                           85.01% to 90%        650        4.75%          N/A          7.00%
  on the credit bureau in the past 12 months.
• Maximum one Genworth or Canada Guaranty insured Alt-A                    80.01% to 85%        620        2.90%          N/A          5.50%
                                                                           75.01% to 80%        620        1.64%          1.64%        3.85%

                                                                           65.01% to 75%        620        1.00%          1.00%        2.60%

                                                                           65% and below        620         .80%           .80%        1.50%

                                                                         The above terms, rate and conditions are subject to change without
                                                                         notice. All residential mortgage features apply.
  DND/RCMP                                                                                                                             6

“DND/RCMP” unmortgages are for Department of National Defence           Terms
and Royal Canadian Mounted Police Employees.                            • Fixed rate terms of 1– 5

FEATURES                                                                Payment Frequencies
                                                                        • Monthly, Semi-monthly, Bi-weekly and Weekly.
Rates                                                                   • Accelerated payment options available on bi-weekly and weekly
• ING DIRECT’s already low rates with no need for negotiation.            payment frequencies.
• Government assisted buy down applied on ING DIRECT’s already          • Ability to skip a payment on conventional mortgages annually
  low rate.                                                               (mortgage must be in good standing – meaning no payments have
                                                                          been missed and mortgage is not in default).
Prepayment Options
• Open for a pay out at any time subject to conditions of relocation,   Requirements
  with a 3-month interest penalty.                                      • Standard CMHC, Genworth or Canada Guaranty premiums apply.
• 25/25 prepayment privileges.                                          • Proof of the client's need to relocate.
                                                                        The above terms, rate and conditions are subject to change without
                                                                        notice. All residential mortgage features apply.

  Unmortgage Refinance Program
This program allows you to offer your clients refinancing of             For existing mortgages only, the maximum amortization on
owner-occupied property up to 80% Loan-to-Value without                 insured is 25 years, and 30 years on conventional. (Clients
restrictions on the use of funds.                                       must qualify based on 25 years amortization to received
                                                                        extended conventional amortization)
• Refinances will be considered as a new first mortgage only, up to
  80% of the value.
• Borrowers may use the funds for any purpose as long as the insured
  loan is a mortgage on the borrowers’ occupied property.
• Maximum increase of additional funds is $200,000 as stipulated by
  CMHC/Genworth, or Canada Guaranty.

If original mortgage is already CMHC/Genworth or Canada
• A new first mortgage will be drawn to discharge the original
• A premium will be charged on the increased amount based on the
   schedule below:

  Loan-to-Value (LTV)                 Top Up      Full Premium

  Up to and including 65% LTV          0.50%          0.50%

  Up to and including 75% LTV          2.25%          0.65%

  Up to and including 80% LTV          2.75%          1.00%

For any mortgage originally             Full Premium
registered with higher than 25          Refinance Conventional
years amortization, ING DIRECT          Insured unmortgage
will honour the remaining               premium charged on full
amortization, subject to credit         amount.
  Conventional Rental Properties                                                                                                                7

Conventional Full Rental Properties                                          Borrower income
                                                                             • Full documented income verification
Mortgage Types
• Conventional                                                               Rental income confirmation
                                                                             • Lesser of actual rent by way of lease agreement or appraiser’ fair
Property types                                                                 market rent. We will also accept as confirmation of rent, the
• One to three units, fully self-contained legal units that meet municipal     cancelled rent cheques; borrower T1 Generals; financial statements:
  zoning requirements. No basement income is to be used unless                 prepared by a practicing accountant; or bank statements
  legal or legal non-conforming.
                                                                             Conventional Owner-Occupied Rental Properties (2-4 units):
Loan Purpose                                                                 • Owner occupied rental properties are residential rental properties of
• Purchase and refinance                                                        2 to 4 units where the owner resides in one of the units. All of the
                                                                               above conventional full rental property guidelines are applicable to
Title                                                                          conventional owner occupied rental properties.
• Guarantor not permitted (spousal guarantor allowed, may need ILA)
  Corporate borrowers                                                        Conventional Rental Income Calculations
• Not permitted
                                                                             1. Subject property is an owner-occupied 2-4 units or 100%
Beacon score                                                                 Rental up to 3 units and we need the rental income to qualify:
• Minimum beacon of 680 for primary applicant. No prior bankruptcy.
                                                                                       PIT + other debts
  Maximum number of mortgages                                                TDS =
• Maximum of two rental properties financed by ING DIRECT per                           Gross income + 80% of gross rent
                                                                             2. Subject property is an owner-occupied Single Family
                                                                             Dwelling and client has other rental property(s) and we need
Maximum loan to value
                                                                             the rental income to qualify:
• Conventional up to 80% LTV (max 75% LTV for Condo apartments)
• Maximum ETO $200,000.                                                                PITH(subject) + PIT (rental) + other debts
                                                                             TDS =
                                                                                       Gross income + 80% of gross rent
• The maximum amortization period is 25 years or 5 years less the            3. Subject property is an owner-occupied 2-4 units or 100%
  remaining economic life of the property, which ever is less.               rental up to 3 units and client has other rental property(s) and
                                                                             we need the rental income to qualify:
Down payment                                                                           PIT (subject) + PIT (rental) + other debts
• Must be from own resources, gifted down payment is not allowed.            TDS =
                                                                                       Gross income + 80% of gross rent (subject) +
                                                                                       80% of gross rent (other rental)
Net worth
• No minimum net worth requirement.

• No GDS, maximum TDS = 42%
  Insured Rental Properties                                                                                                                  8

Insured Owner-Occupied Rental Properties (2-4                               Insured Rental Income Calculations
                                                                            1. Subject property is an owner-occupied up to 4 units:
ING DIRECT will generally follow Genworth’s revised guidelines except
for applications where a mortgage is already insured by CMHC. Under                   PI + other debts (Heating costs are not required)
                                                                            TDS =
the new guidelines, taxes and heat will no longer be included in the                  Gross income + 50% of gross rent
TDSR and only 50% of gross rent can be added to the gross annual
                                                                            2. Subject property is an owner-occupied Single Family
                                                                            Dwelling and client has other rental property(s) and we need
                                                                            the rental income to qualify:
 Loan-to-Value (LTV)       Premium Rate        Port Top-up Premium
                                                                                      PITH(subject) + PI(rental) + other debts
 75.01 - 80% LTV           2.50%               3.75%                        TDS =
                                                                                      Gross income + 50% of gross rent
 65.01 - 75% LTV           1.75%               3.00%
                                                                            3. Subject property is an owner-occupied up to 4 units and
 65% and below             1.25%               2.75%                        client has other rental property(s) and we need the rental
                                                                            income to qualify:

                                                                                      PIT (subject) + PIT (rental) + other debts
                                                                            TDS =
                                                                                      Gross income + 50% of gross rent (subject) +
                                                                                      50% of gross rent (other rental)

                                                                            The above terms, rate and conditions are subject to change without

  Second Homes and Recreational Properties
• Second homes are generally vacation homes, but in some cases              • Recreational / Cottage properties may be considered provided
  may also serve as the primary residence for other family members            subject property meets the following guidelines:
  (e.g., children attending college or university) or as a second home in   • Property is accessible with year round road access and is winterized
  another part of Canada.                                                     and suitable for occupancy all four seasons.
• Property must be one unit only                                            • Must have standard features such as full insulation, and
• High ratio applications (over 80% LTV) must qualify under insurer           conventional services such as electricity (100 AMP minimum),
  guidelines, and as with conventional applications for secondary             plumbing, sewage, heating system, Municipal services and/or
  homes (LTV 80% or lower), must be qualified considering both the             septic.
  primary and secondary home.                                               • Municipal water or, at minimum, well water (With a Water Potability
• Secondary residence for Condo apartments – maximum 75% LTV.                 Certificate). Lake drawn water at the primary source will be looked
• Borrower must show verifiable income which could service both                on a case by case basis.
  properties. GDS 32%, TDS 42%.

  Condominium Properties
• Conventional Financing                                                    (townhouse or high-rise condominium complexes)
Maximum LTV for Condominium properties = 75% (townhouses or                 • Condominiums (townhouses or high-rise) – 50% of the
high-rise)                                                                  maintenance fees to be included in GDSR servicing calculations
• Insured Financing                                                         • For Quebec Only
Up to 95% for Purchase Transactions, up to 80% for Refinance                 ING DIRECT will only finance Resale Condominiums – no New
• Acceptable Square Footage                                                 Condominiums. ING DIRECT will accept Resale of New Condominium
Properties equal to or greater than 500 sq ft for condos. Properties        units for financing, where the vendor physically took possession of the
less than 500 sq ft will be considered where same size comparables          unit and where the vendor is not the builder/developer or contractor.
are available. This guideline does not apply to high ratio insured          Minimum number of building units/suites is 12 or greater.
properties.                                                                 Condominium conversion projects (in the process of conversion)
• Maximum Saturation                                                        where existing Commercial/ Industrial buildings are converted to
Maximum saturation Level is 25% of total units within one building          residential lofts/condominium units are not acceptable
  The Switch                                                                                                                                  9

Transfer your clients’ mortgage to ING DIRECT and help them save          The Basics
tens of thousands of dollars.                                             • All fixed and variable rate terms and mortgage features available.

Advantages of switching                                                   Requirements
• Competitive rates.                                                      • Must be owner-occupied (rentals on exception).
• Most flexible prepayment features of all the major banks.                • No switches from builders or private lenders or collateral charges.
• Ability to skip a payment annually should they need to (for             • No switch & increase. A switch & increase will be treated as a
  conventional mortgages only).                                             refinance.
• Penalties for conventional mortgages can be included in the switch      • Penalties (up to $5000) for conventional mortgages can be included
  amount (up to $5000).                                                     in switch amount but can’t exceed original amount of mortgage.
• We’ll pay the legal fees and up to $200 of the discharge fees           • Remaining amortization amount cannot be increased to original.
  charged by the other financial institution.                              • Title must remain the same. The same names must appear on
• No Appraisal Required! ING DIRECT will utilize an AVM for property        application as on title. If not, it will be considered a new mortgage
  valuations.                                                               application.
• For properties that do not receive a successful valuation or for non-   • High Ratio switches insured by CMHC, Genworth Financial and
  AVM eligible transactions, ING DIRECT will notify you with an             Canada Guaranty.
  updated checklist advising that you will need to order an appraisal.    • Borrowers must meet our usual credit criteria.
All appraisals are required to be ordered through Solidifi, BrokerWorx     • A third party provider (First Canadian Title) will contact Client to set
or Nationwide Appraisal Services (NAS). ING DIRECT will reimburse           up an appointment to see a Solicitor for ID Verification.
$200 for full appraisals and $165 for drive-by appraisals on Switch

  Bridge Financing
A secure short-term solution for your clients’ long-term investment.       Requirements
Bridge Financing enables your clients to “bridge” the gap between the     • $250 credit facility charge for all bridge loans over $250,000.
purchase of their new home and the sale of their existing home.           • An additional $250 credit facility charge will apply if the term of the
                                                                            bridge exceeds 30 days.
FEATURES                                                                  • Bridge finance registration is required when the bridge loan amount
                                                                            is over $250,000 and/ or the term longer than 30 days.
Rate                                                                      The above terms, rate and conditions are subject to change without
• Highly Competitive Rate – ING Prime rate + 2.00%                        notice.

• 30-day maximum term.
  New to Canada                                                                                                                                 10

The New to Canada program is intended to provide financing for               Beacon Score
permanent and non-permanent residents who have been residing in             • Minimum 620 with no derogatory credit history.
Canada for less than 60 months with no or limited credit history.           • No credit score due to new credit bureau is acceptable.

Mortgage Type                                                               Net Worth
• Conventional up to 65% LTV                                                • No minimum net worth required
• Insured up to 95% LTV
                                                                            Down Payment
Loan Purpose                                                                • Minimum 5% of the purchase price from own resources, the
• Purchase                                                                    remainder can be gifted from immediate family members or from a
• Switch                                                                      corporate subsidy.
• Refinance (including debt consolidation and ETO with a minimum of          • No borrowed funds and no sweat equity
  12 months mortgage stability)
                                                                            GDS/ TDS
Title                                                                       • No credit score or credit score < 680: 35% / 42%
• First Mortgages only                                                      • 680+: 39% / 44%

Property Types                                                              Borrower Qualification
• New construction or existing property                                     • Confirmation of landed immigrant status or valid work permit along
• Owner-occupied principal residence up to 2 units                            with job offer and relocation to Canada within the last 60 months.
• 1 Unit for applicants with a Work Permit                                  • This program is not available to individuals with diplomatic immunity.
                                                                            • Guarantor is permitted with income confirmation
Ineligible Property Types
• Secondary residence                                                       Income/ Employment Verification
• Vacation home                                                             • Standard income confirmation with minimum 3 months of ermanent
• 100% Rental Properties                                                      full-time employment and/ or completion of the probationary period,
                                                                              this does not apply to relocation clients
Maximum Loan to Value
• 95% on Purchases                                                          Property Valuation
• Applicants with a Work Permit 90%                                         • LTV =< 65% full appraisal (or AVM for qualified deals only)
• Refinances 80%                                                             • LTV > 65% subject to insurer's approval
  Maximum Loan Amount
• $1.5 million (for properties over $1 million in purchase price, a         Documentation Requirements
  minimum 20% down-payment is required)                                     • LTV=< 65%, no credit requirements
                                                                            • LTV 66-90%, 6 months of bank statements from primary Canadian
Amortization                                                                  account.
• Maximum 25 years - Insured                                                • LTV > 90%, Recent 12 months history of rent payments supported
• Maximum 30 years for LTV > 65% (owner-occupied properties only)             by bank statements and landlord's letter and 12 month history of 1
  (For extended 30 year amortization, Clients must qualify based on 25        regular periodic obligation with no late payments, OR confirmation
  year amortization )                                                         of 3 regular periodic obligations payment over the preceding 12
                                                                              months with no late payment.
Qualifying Rate                                                             • Other periodic obligations include but not limited to: utilities, cable,
• LTV=< 65%                                                                   childcare expenses, insurance premiums, documented regular
• Fixed rate term of less than 5 years and Variable Rate Mortgages,           saving supported by copy of bill and payment confirmation via bank
  the qualifying interest rate is the greater of the BOC and the contract     statement.
  interest rate. For fixed rate term of 5 years or more, the qualifying
  interest rate is the contract interest rate.
  Broker Team Website                                                                                                                        11

Customizable mortgage sales tool

To help you show how much money an ING DIRECT mortgage can save your clients, we’ve developed an online mortgage calculator. Calculate
mortgage payments, print amortization schedules, show how using the 25/25 prepayment options can save your clients tens of thousands of
dollars. Plus you can print an overview of standard documents your clients would need to provide to obtain an
ING DIRECT mortgage.

Buy-Down Calculator

Looking to buy down a rate to save a deal? Not sure what the buy-down cost will be? Try our online rate buy-down calculator.

Online Rate Hold Certificates

Secure a Rate Hold for your client(s) in seconds! Our online Rate Hold asks for just a few details such as your client’s contact information and
the approximate mortgage amount. The Rate Hold enables you to secure the best rate for your client up to 30 days. It is a great option when
you are not ready to apply or get a credit bureau check.

This Rate Hold is valid for Purchase, Port, Switch, ETO and Refinance applications. It does not apply to Early Renewal applications.

  Contact Us
Would you like to become a member of the ING DIRECT Broker Team?

Visit or contact the Regional Sales Manager for your area:

British Columbia Interior & Lower                 Toronto West, Mississauga, Oakville &              Eastern Ontario
Mainland, Vancouver Island                        Burlington                                         Trevor Gordon, Regional Sales Manager
Catherine Halkyard, Regional Sales                Sarah Putnam, Regional Sales Manager               Phone: 613-795-2126/1-866-590-1868
Manager                                           Phone: 416-809-1150/1-866-612-6677                 E-Mail:
Phone: 1-866-302-3325 / 250-508-5816              E-Mail:                       Dedicated Broker Service: 1-866-420-7603
E-Mail:                    Dedicated Broker Service: 1-866-420-7619
Dedicated Broker Service: 1-866-420-7562                                                             Toronto North & Northern Ontario
                                                  Toronto East, Markham &                            David Napoleone, Regional Sales Manager
Alberta, Prairies &                               South Richmond Hill                                Phone: 416-400-9958/1-877-586-4388
Northwest Territories                             Teresa Johnston, Regional Sales Manager            E-Mail:
Jimmy Lee, Regional Sales Manager                 Phone: 289-314-3301/1-866-842-0678                 Dedicated Broker Service: 1-866-420-7618
Phone: 1-877-658-9655 / 403-614-0942              E-Mail:
E-Mail:                         Dedicated Broker Service: 1-866-420-7618           Quebec
Dedicated Broker Service: 1-866-899-6425                                                             Michelle Newton, Regional Sales Manager
                                                  Atlantic Canada                                    Phone: 1-866-282-0268/514-402-7708
Southwest Ontario                                 Trevor Gordon, Regional Sales Manager              E-mail:
John Simmons, Regional Sales Manager              Phone: 1-877-658-9712/ 902-403-8714                Dedicated Broker Service: 1-888-855-3539
Phone: 519-497-6074/1-866-442-4457                E-Mail:
E-Mail:                     Dedicated Broker Service: 1-866-899-6430
Dedicated Broker Service: 1-866-463-1172

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